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Sydney auction clearance rates remain down on last year

Sydney auction clearance rates remain down on last year

Sydney auction clearance rates remain well down on the same time last year.

The Sydney auction clearance rate for the past weekend was 68.7% compared with 80.7% last year, with 517 auctions compared with 640 a year ago, according to data from CoreLogic.

In Melbourne, the clearance rate was 72.5% compared with 75.9% in the same week in 2017, with 621 auctions compared with 556 a year ago.

Across Australia’s combined capital cities, the total number of auctions rose to 1,464, almost double the previous week, CoreLogic said, but remained down on the 1,591 auctions held in the same week last year.

Sydney highlights

In Sydney, CoreLogic data showed the average housing value has decreased 1.1% in the city from the previous year with a 21% increase in the number of properties listed for sale.

Sydney’s Northern Beaches had the strongest results, with a clearance rate of 79.1%, but across the capital, $225,339,067 worth of housing was sold at a median price of $1,190,000, according to Domain.

A 90sqm, two-level, two-bedroom terrace house sold in Redfern for this amount. Further away from the city, a four-bedroom, three-bathroom house with a swimming pool sold for a similar amount in Glen Alpine. 

The city’s most affordable residence was a Paddington studio apartment, which sold for $506,000 after being listed online for 27 days.

The most expensive property sold for $3m - a three-bedroom home in Abbotsford, 10km from the city centre, which also included an external office and a garden shed.

Melbourne highlights

Melbourne had the country’s highest clearance rate of the weekend at 72.5%, with Mornington Peninsula topping the regions with a clearance rate of 85%, CoreLogic data showed.

According to Domain, $194,621,751 worth of dwellings sold in Melbourne at a median price of $690,500. A three-bedroom house at Airport West sold for just under that price.

The city’s two most expensive properties each sold for $1,950,000 - one at Ashburton and one at Port Melbourne.

The cheapest property was at Kingsville, where a one-bedroom apartment sold for $241,000. 

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.